The Seattle-based company traded at a 1.4 multiple to its expected gross annual sales, which was below where most retailers trade. "You have plenty out there, broadly, that trade at two or three times sales," Rohan said on CNBC.

Amazon's share price hit an all-time high Friday, a day after reporting that revenue had jumped 24 percent in its third-quarter earnings report.

"To me, this isn't such a bubble valuation," he said. "I think this is valuation that's underpinned by strong fundamentals, a dominant position, perhaps the most durable franchise.

"What's going to be around 20 or 50 years from now? Do you really think Amazon's going to be supplanted by anybody else? The way it looks right now, Amazon's further ahead of its peers today than it was a year ago, three years ago or five years ago. They continue to extend." Rohan noted that Amazon had established fulfillment centers in the facilities of such companies as Procter & Gamble due to a high volume of sales.

Trader disclosure: On Oct. 25, 2013Jordan Rohan is long AMZN; Jordan Rohan is long EBAY; Jordan Rohan is long EXPE; Jordan Rohan is long GOOG; Jordan Rohan is long FB; Jordan Rohan is long GRPN; Jordan Rohan is long MELI; Jordan Rohan is long P; Jordan Rohan is long TRIP; Jordan Rohan is long YHOO; Jordan Rohan is long ZNGA.